Businesses are ill-prepared for cyberattacks, and unsurprisingly, this means a higher percentage of companies have experienced attacks compared to last year.
This is according to a new report by insurers Hiscox which says that 55 per cent of UK companies faced an attack this year, up from 40 per cent last year. However, most companies were ranked as ‘novice’ when it comes to cybersecurity and, as you could expect, they believed they were not exposed to any risk.
"They may feel like they won't be targeted, as we tend to only read about large breaches in the press. If they incorrectly feel that they won't be targeted, they may be less likely to spend on cyber security,” commented Gareth Wharton, head of Cyber at Hiscox.
A total of 5,400 small, medium and large businesses were polled, in the UK, Germany, the US, Belgium, France, the Netherlands and Spain.
The amount of money businesses lose due to these incidents also spiked, from $229,000 to $369,000, representing a 61 per cent jump.
Companies in the UK also spent the least amount of money on cybersecurity – less than $900,000 on average. Across the group, businesses spend an average of $1.46 million on cybersecurity. The average cost of an attack in the UK was $243,000, lower than average, and much lower than, say, Germany, where an attack costs $906,000.
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